Staten Island Real Estate Market Trends For June 2022

Staten Island Real Estate Market Trends For June 2022

Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with 30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.

With average monthly mortgage payments up more than 50% compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers.

The Latest Numbers for June 2022 [as compared to June 2021]

  • New Listings in Staten Island decreased 14.3 percent to 604.
  • Pending Sales were down 20.4 percent to 426.
  • Inventory levels fell 31.2 percent to 1,226 units.
  • Prices continued to gain traction. The Median Sales Price increased 12.5 percent to $669,500.
  • Days on Market was down 30.2 percent to 71 days.
  • Sellers were encouraged as Months Supply of Inventory was down 32.4 percent to 2.8 months.

Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same period a year
ago, according to the National Association of REALTORS®. As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around.

Quick Facts:

One year change in Closed Sales were down 9.3%

One Year Change in Median Sales Price was up 10.8%

One year change in Inventory plunged 37.4%

 

Click links below for detailed housing information on the different geographic areas of Staten Island:

East Shore – Includes data from Arrochar, Grasmere, Old Town, South Beach, Dongan Hills,  Dongan Hills below Hylan, Grant City and Midland Beach

Gateway – Includes data from New Dorp, Oakwood, Oakwood Beach, Oakwood Heights, Bay Terrace, Great Kills and Eltingville

Greater St. George –  Includes data from Ft. Wadsworth, Concord, Shore Acres, Rosebank, Clifton, Stapleton, Thomkinsville, St. George, Ward Hill, Park Hill and Grymes Hill

Heartland – Includes data from Willowbrook, Manor Heights, Bulls Head, New Springville , Heartland Village, Travis and LaTourette.

North Shore – Includes data from New Brighton, Snug Harbor, Livingston, Randall Manor, West Brighton, Port Richmond, Mariners Harbor, Graniteville, Arlington, Bloomfield and Elm Park

South Shore – Includes data from Annandale, South East Annandale, Arden Heights, Rossville, Woodrow, Huguenot, Princess Bay, Pleasant Plains, Charleston, Richmond Valley and Tottenville

The Hills – Includes data from Emerson Hill, Todt Hill, Lower Todt Hill, Light House Hill, Richmondtown, High Rock, Dongan Hills Colony and Emerson Hill

The Lakes – Includes data from Westerleigh, Sunset Hill, Sunnyside

 

*Data provided by Staten Island Board of REALTORS

Leave a Reply